Jamestown weekly alert. [volume] (Jamestown, Stutsman County, D.T. [N.D.]) 1882-1925, 1887-12-08
Z agance, srcn money to us pace among


the people.
If such an emergency arises there now
exists no clear and undoubted executive
power of relief. Heretofore the redemp-
tion of per cent bonds, which were
payable at the option of the government,
has afforded a means for the disburse-
ment of the excess of our revenues; but
these bonds have all been retired, and
there are no bonds outstanding the pay
'ment Of which we have the right to insist
upon. The contribution to the sinking
fund which furnishes the occasion for ex-
penditure in the purchase of bonds has
been already made for the current year,
SO that there is no outlet in that direction.
In the present state of legislation the
only pretense of any existing executive
power to restore, at this time, any part
of our surplus revenues to tine people by
its expenditure consists In the SUPPOSE
rtion that the secretary OF the treasury
may enter the market and purchase the
bonds of the government mot yet due at a
rate of premium to be agreed upon. The
only provision Of law from which such a
spower could be derived is found in an
appropriation bill passed a number of
years ago; and it is subject to the suspi-
.cion that it was
Intended as Temporary and Limited
in it's application, instead of comforting
q continuing discretion and authority,
No condition ought to exist which would
justify the grant of power to q single
official, upon his judgment of it's neces-
sity, to withhold from or release to the
business of the people, TN an unusual
manner, money held in the treasury, and
thus affect, at his will, the financial stu
alton of the country; and If it is deemed
wise to lodge in the secretary of the
treasury the authority in the present
juncture to purchase bonds, it should be
plainly vested, and provided as far as
possible with such checks and limitations
as will define this officials right and dis
cretion, and at the same time relieve him
from undue responsibility
In considering the question of purchas-
ing bonds; as a means of restoring to cir
culatien the surplus money .accumulat-
ing in the treasury, it should be borne in
mind that premiums must Of course be
paid upon such purchase, that there may
be large part of these bonds held as in
vestments which cannot be purchased at
any price, and that combinations among
holders who are willing to sell, may un-
| reasonably enhance the cost s0f these
| bonds Gorthe government.
| It has been suggested that tine present
bonded debt might be refunded at a
less rate,of interest, and the difference
| between the old and the new security
paid in cash, thus finding use for the sur
plus in The treasury. The success of this
| plan, it is apparent, must depend upon
the volition of the holders Of the present
bonds; and it is nottentirely certain that
the inducement which must be Offered
them would resultin more financial 'bene-
fit to the government than the purchase
of bonds, while the latter proposition
would redslce the principal Of the debt
by actual payment instead of extend
ing it.
The Proposition 10 Deposit Money
held by the government in banks
| throughout the country for use by the
people is, it:secms to me, exceedingly OBJ
jectionable in principle, as establishing
too close q relationship between the oper-
ations of the government treasury and
the business Of the country, and too ex-
.tensive a commanding Of their money,
uthus fostering an unnatural reliance in
private business upon public funds. If
tthis scheme should be adopted it should
.only be done az = temporary expedient to
meet an urgent necessity. Legislative
and executive effort should generally be
in the opposite direction, ana should have
"a tendency to divorce, as much and as
fast as can safely be done, the Treasury
department from private enterprise.
OF course it is not eNpectedthat unnec-
,essary and extravagant appropriations
will he made for the purpose Of avoiding
the accumulation of an excess Of revenue.
Such expenditure, beside the desaoraliza-
Of oil or Of 1io n 1fry
which it entails, stimulates q habit of
reckless improvidence not in the least
consistent with the mission of our people
or the high and benehcient purposes of
onr government
I have deemed it my duty to to thus
bring to the knowledge of my country
men, as well as to the attention of their
representatives charged with the respou-
sibility of legislative relief, the gravity OF
our financial situation. The failure of
the congress heretofore to provide against
the dangers which it was quite evident
the very nature of the difficulty must
necessarily produce, caused q condition
of financial distress and apprehension
since your last adjournment, which taxed
to the utmost all the authority and ex-
pedients within executive control, and
these appear how to be exhausted If
disaster results from the continued mac
ton of congress, the responsibility
Must Rest Where it Belongs.
Though the situation thus far con-
sidered is fraught with danger which
should be fully realized, and though it
presents features of wrong to the people
rs we'll as peril to the country, it is but a
result growing out of perfectly palpable
and apparent cause, constantly reproduce
ing the same alarming circumstances a
congested national treasury and depleted
monetary condition in the business of the
country. 1t need hardly be stated that
while the present situation demands u
we can only be saved from a like
predicament in the future by the removal
of its cause.
Our scheme Of taxation, by means of
which this needless surplus is taken
from the people and placed in the public
treasury, consists of tariff or duty
levied upon importations from abroad
and internal revenue taxes levied upon
the consumption of tobacco and spirit ,
uous and matt liquors. 1t must be con-
ceded that none of the things subjected !
to internal revenue taxation are, strictly |
speaking, necessaries; there appears to |
be no just complaint of this taxation by |
the consumers of these articles and their
seems to be nothing SO well able to bear
the burden without hardship to any por